Apple's iOS has surpassed Nokia's Symbian to become the world's second largest smartphone platform with a 19 percent market share, behind only Android's 48 percent share with multiple manufacturers, according to the latest figures from Canalys.
Just four years after releasing the iPhone, Apple has managed to pass Nokia and fend off a challenge from Samsung in the second quarter on its way to a new milestone as the world's No. 1 smartphone maker in terms of volume.
A massive iPhone shipment increase of 141.8 percent year over year gave Apple a growth rate more than 12 times that of the global mobile phone market in the second quarter, leaving the company poised to overtake LG as the No. 3 handset maker in the world.
Nokia posted its quarterly earnings report on Thursday, revealing Apple has surpassed it to become the No. 1 global seller of smartphones, and also disclosing a $600 million one-time royalty payment that likely includes its new licensing agreement with Apple.
Both Nokia and Apple have remained mum on the financial terms of their patent lawsuit settlement, but a glimpse at the deal Apple was able to broker is expected to be seen in next week's quarterly earnings report.
Apple's cash is expected to top $70 billion at the conclusion of its current fiscal quarter, a sum so massive it could buy out rivals Nokia, Research in Motion, HTC and Motorola Mobility, according to a new analysis.
Though Apple will pay Nokia a one-time sum and ongoing royalties as a result of their new settlement, one analyst believes the timing of the agreement suggests Apple was able to negotiate a favorable outcome.
Nokia announced on Tuesday that it had entered into an agreement with Apple ending a lengthy legal battle between the two corporations, with both companies agreeing to withdraw their complaints to the International Trade Commission.
An inevitable shakeup in worldwide smartphone rankings is set to take place in the coming months, when Apple is expected to surpass Nokia in smartphone sales, and Samsung will become the world's largest smartphone maker.
Nokia reacted quickly on Wednesday to a report claiming its phone business was acquired by Microsoft for $19 billion, calling it "baseless." But one Wall Street analyst had another word to describe a hypothetical deal between the two companies, at least for Apple investors: "heaven."
The U.S. International Trade Commission announced Thursday that it will conduct a review of two of Nokia's patents in an infringement case against Apple, while dropping the remaining three from the investigation.